15 vs 30 year mortgage

The loan term is how long you have to repay the mortgage. A 30-year term typically means lower monthly payments and more total interest over the life of the loan. A 15-year term usually means higher monthly payments and less total interest, with the loan paid off sooner.

Your choice depends on your budget, how long you expect to stay in the home, and your goals (e.g. paying off the mortgage sooner vs. keeping payments lower). There’s no single right answer for everyone.

When comparing quotes from lenders, use the same term for each. A 15-year and a 30-year offer aren’t directly comparable without accounting for the different payment and total cost. Once you’ve chosen a term, get quotes from several lenders for that term and compare them side by side.

A comparison tool lets you enter each lender’s numbers for the same term and view rate, APR, payment, and closing costs in one place. That makes it easier to see which offer fits your situation.